09-03-09 Oman Oil Company (OOC) and Qatar Petroleum International (QPI) announced the signing of a Memorandum of Understanding (MoU) to pursue opportunities of common interest which would benefit most of their combined capabilities.
The MoU was signed on behalf of QPI by Nasser K. al Jaidah, CEO of Qatar Petroleum International and by Ahmed al Wahaibi, CEO of Oman Oil Company SAOC. It was attended by Dr Mohammed bin Hamed al Rumhy, Minister of Oil and Gas, and Abdullah bin Hamad al Attiyah, Qatar's Deputy Prime Minister and Minister of Energy and Industry, and senior officials from both sides.

"Oman Oil Company is pleased to join hands with Qatar Petroleum International in the pursuit of global opportunities. This is an exciting opportunity for Oman Oil Company to advance its relations with Qatar and the establishment of a long-term partnership with Qatar Petroleum," stated Al Wahaibi of OOC.
He added, "This Memorandum of Understanding enhances the prospect for co-operation between Oman Oil Company and QPI in investing in the sectors of petroleum, gas, petrochemicals and other industries based on natural energy resources."

Al Jaidah stated: "The signing of this MoU marks another demonstration of the growing relationship between the two countries and in Qatar Petroleum realising its ambition of becoming a leading global energy company. This agreement with Oman Oil Company offers new area of investment and growth and a step forward in reaching QPI's goals."
QPI is a wholly-owned subsidiary of Qatar Petroleum (QP) and its mission is to leverage QP's existing domestic energy business and expertise into developing an international position. The positive outlook on the growth of the energy sector over the longer term has presented numerous investment opportunities that will enable QPI to realise its vision of transforming itself into an internationally recognised integrated energy company.

Oman Oil Co, wholly owned by the Government of the Sultanate of Oman, was established in 1996 to give the government another vehicle for pursuing investment opportunities in the energy sector both inside and outside Oman.
The company has managed, in a relatively short period of time, to contribute to the development of many important projects in energy and energy related areas. Through this participation, OOC plays a key role in the Sultanate's efforts to diversify the Omani economy and help generate Omani and foreign private sector investment.

The strategy of OOC is to seek diversity while expanding its income base and continuing to explore new long-term opportunities local and international investments of OOC include more than 30 projects covering areas of exploration and production of petroleum, infrastructure projects, petrochemicals, transport, energy and other projects of refining and marketing of oil as well as mining.
Al Attiyah, in a statement, underlined the keenness of His Majesty Sultan Qaboos and Sheikh Hamad bin Khalifa al Thani, Emir of Qatar, that bilateral relations would be an exemplary one to achieve the aspirations of their peoples.

Following the conclusion of the 14th Omani-Qatari Committee meeting, Al Attiyah pointed out that the committee has discussed issues related to co-operation in trade, economy, education, health, security and environment.
"In future, more agreements on comprehensive co-operation would be signed," he said. "To activate the joint committee's work, it was agreed that the committee would hold its meetings twice a year," he added.